With winter officially here, the market is traditionally getting slower. November 2020 market watch report from Toronto Regional Real Estate Board (TRREB) indicates a decrease in the number of sales and active listings in all major property types compared to October 2020. Detached and semi-detached homes continue to be in the centre of competition among the buyers, with the average prices increase by 0.4% and 0.6% correspondingly.
Despite the lockdown measures in the region, the City of Toronto market showed steady year-over-year growth. The average price on the market grew by 7.6%, and the number of sales increased by 11.6%. Detached and semi-detached homes presented impressive growth in the number of sales compared to the previous year of 18.4% and 36% correspondingly. One of the factors stimulating sales growth is the mortgage rates, which reached their historical lows this year amid the pandemic and lack of immigration. The average price of townhouses increased by 12%, crossing the one million mark and reaching $1,058,425.
For more information, check out the full TRREB report PDF.